Replacing the workforce can be very costly for your business. The BDC estimates that the cost can be up to 200% of the annual salary of the employee who leaves their position.
Attracting workers is already a challenge in itself and retaining them is another. A staff retention strategy is the process used to retain employees in an organization by offering financial benefits or improving their working conditions. This article will help you put in place effective strategies and tactics to retain your IT employees.
Your brand is part of the corporate culture and your identity. It represents the potential benefits that a future employee sees in working for your organization. It has been found that companies that have a good employer image generally recruit the people they need faster and attract up to 50% more quality candidates. The employer brand should highlight what sets you apart from other employers, in short what makes you unique.
“A company is not a set of products and services, nor an office space or a balance sheet. The real company is the team of people all working in the same direction.”– Marc Beaulieu, president & founder of Present
Why is it so important to invest in your employer brand?
Aside from attracting better candidates more quickly, in a context where the demand is greater than the supply and where it is difficult to retain the workforce, you simply do not have a choice to invest. You need to increase your notoriety and differentiate yourself from others. Inevitably, investing in your employer brand will result in lower turnover and lower hiring costs.
Recruitment is not an exact science, far from it. Mistakes will happen, but it is possible to avoid them by making better decisions. It all starts with knowing the specific needs for the position you are looking to fill and then targeting the best candidates. What are the specific competencies that the candidate must have for this position? What soft skills and attitudes you are looking for? When hiring, you must make sure to give a realistic vision of the position with its advantages and disadvantages. Applicants will not remain in your organization if you have not drawn a realistic portrait of the working conditions in your company.
Internal communication is essential to keep your employees motivated. Giving your employees and colleagues the opportunity to communicate is the key to properly managing problems and preventing them from escalating. In addition, employees want to know that their voice is heard and want their opinion to count. Be open, listen to your employees when they have concerns, and stay honest. In short, internal communication should be an important part of your employee management and retention strategy. Communication can be formal or informal, as long as it stays well balanced. An overload of information could have an undesirable effect, since employees could see their interest decrease.
The IT industry scope is growing very quickly. Education is an effective solution to keep your employees informed of the latest technology trends and thereby allow you to remain competitive.
But it has an even bigger impact than that. It is also a way to increase their performance and minimize the turnover rate, since an employee who sees his employer investing in him risks demonstrating more motivation and commitment. It is therefore a very interesting retention strategy that is very beneficial for all parties.
• Accept that salaries and benefits are no longer the only effective elements to retain a key person in the IT industry
• Consider establishing flexible hours and promoting the quality of personal and family life. Like remote work and summer hours.
• Implement an integration program that allows new employees to quickly invest in the company and provide individual follow-up for new employees during the first weeks.
• Focus on physical, mental and financial health. For example, an active living program with an annual amount for physical activities and well-being. Or as we have here at Present, monthly coaching sessions on personal finances and healthy living.
• Revise the social activities program according to the interests of the employees and not according to those of the boss or what has always been done.
For the past two years, Present has been certified as the Best Place to Work in Canada. Our priority is that employees are fulfilled in what they do on a daily basis.
It also is with this mindset that our IT recruiters work. This means focus on the human element and putting the individual at the center of operations. For IT staff recruitment, let our professional recruiters find the perfect resource to meet your business needs. Our recruitment division will allow you to focus on your strategic projects, while we take care of providing you with the support you need to design the most optimized teams!